Wheat recovers from four-month low, soy and corn extend bounce
Run of importer demand helps counter harvest pressure in wheat
Traders weigh Russian wheat sales to Egypt, mixed harvest
Corn, soybeans edge away from 2020 lows as weather watched
Updates at 1129 GMT, changes byline/dateline
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, July 17 (Reuters) -Chicago wheat rose on Wednesday to recover from a four-month low as a burst of demand from importers like Egypt countered supply pressure from advancing northern hemisphere harvests.
Soybean and corn futures edged up for a second day to move away from recent multi-year lows as market participants monitored growing weather for U.S. and Black Sea crops.
Gains for the crop futures were moderate, however, against a backdrop of ample global supplies, stiff export competition and doubts over Chinese demand.
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 1.4% at $5.384 a bushel by 1129 GMT, breaking a run of three daily falls that took the contract to its lowest since March 11 on Tuesday.
"There is some demand for wheat, buyers are taking cargoes at these prices," said one Singapore-based trader.
Egypt bought a hefty 770,000 metric tons of Black Sea wheat in a tender on Tuesday and Algeria, another major wheat importer, is holding a tender on Wednesday. GRA/TEND
Asian wheat buyers, meanwhile, have stepped up purchases in recent weeks, taking cargoes from the Black Sea region.
However, the dominance of Russian wheat in Egypt's tender, with offers suggesting an unofficial Russian export price floor has been loosened, tempered reaction to the fresh demand.
Traders are nonetheless monitoring harvest results in Russia as field work reaches zones worst affected by drought and frosts.
Drought affecting corn crops in the Black Sea region, as well as uncertainty over the impact of high winds in part of the U.S. Midwest earlier this week, were also encouraging grain prices to steady.
"The downward spiral in which funds are accumulating record (short) positions has come to a halt, but the momentum has not been completely reversed," Argus analysts said in a note.
"Support is fragile, and the weather in the (U.S.) Corn Belt will be one of the key factors over the next few days."
CBOT soybeans Sv1 added 0.6% to $10.49 a bushel and corn Cv1 rose 0.8% to $4.12 a bushel.
Ukraine's 2024 corn yield could fall by 30-35% because of extreme heat and drought, the Ukrainian Agrarian Council said on Tuesday.
Prices at 1129 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 538.00 | 7.25 | 1.37 |
CBOT corn Cv1 | 412.00 | 3.25 | 0.80 |
CBOT soy Sv1 | 1049.00 | 5.75 | 0.55 |
Paris wheat BL2U4 | 216.25 | 2.00 | 0.93 |
Paris maize EMAc1 | 217.00 | 3.00 | 1.40 |
Paris rapeseed COMc1 | 476.50 | 9.25 | 1.98 |
WTI crude oil CLc1 | 81.10 | 0.34 | 0.42 |
Euro/dlr EUR= | 1.09 | 0.00 | 0.38 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Rashmi Aich and Sherry Jacob-Phillips
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